Netflix has received a $2.8 billion breakup fee from Paramount for outbidding the streaming company for Warner Bros. Discovery. The money is only a small part of Netflix's annual content investment, which co-CEOs Ted Sarandos and Greg Peters stated that they plan to invest approximately $20 billion in quality films and series this year. Despite Netflix's low churn rate and saturation in their most important market, the company's business model depends on keeping subscribers. The company should consider investing in the video podcast boom, where its podcast slate overuseses on morning and afternoon viewing and shifts heavily toward mobile viewing. The most valuable players will own IP that travels across formats, connecting with loyal audiences on any screen. This is about Netflix doing what it does better than anyone, operating like a studio that owns IP, controls rights, and builds franchises.